Capitaland Mall Trust Posts 3Q 2020 Distributable Income Of S$114.3 Million (US$84.3 Million)
October 22, 2020 – CapitaLand Mall Trust Management Limited , the manager of CapitaLand Mall Trust (CMT), announced today a net property income (NPI) of S$104.4 million for the quarter ended 30 September 2020 (3Q 2020), 27.6% lower than 3Q 2019.
This was mainly due to lower gross rental income arising from rental waivers of S$29.5 million granted by CMT to tenants affected by COVID-19, as well as lower gross turnover and other income. Distributable income for 3Q 2020 was S$114.3 million and distribution per unit (DPU) was 3.10 cents.
For the period 1 January to 30 September 2020 (YTD Sep 2020), distributable income was S$224.0 million. This included the release of S$36.4 million or about 78% of the S$46.4 million of taxable income available for distribution retained in 1H 2020. DPU was 6.06 cents, 31.6% lower than the 8.86 cents for YTD Sep 2019.
Unitholders can expect to receive their DPU for 3Q 2020 on 19 November 2020.
Mr Tony Tan, CEO of CMTML, said: “We are encouraged by the steady recovery in the operational performance of CMT malls and the broader market since Phase 2 reopening. As at 30 September 2020, almost all of CMT’s tenants have resumed operations and portfolio occupancy remained stable at 98.0%. Portfolio shopper traffic and tenants’ sales per square foot per month for 3Q 2020 have recovered to about 60% and 89% of last year’s levels respectively. Suburban malls saw tenants’ sales recovering to around 97% of the level a year ago. We will continue to focus on operational recovery while staying vigilant in adhering to safe management measures.”
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